The Financial Conduct Authority (FCA) said last week that it took significant action in 56 whistleblowing cases closed in Q2, seven times the year-earlier total. New reports rose 5.7% to 333.
Significant action can include enforcement, a section 166 skilled-person review or restrictions on a firm's permissions or an individual's approval, according to the regulator's quarterly data.
The comparison does not mean the FCA acted on seven times more whistleblowing cases overall. Significant action and lower-tier steps to reduce harm together covered 43.0% of closed cases, close to 44.3% a year earlier.
Cases closed during the quarter also need not be the reports received during the same period. The FCA did not connect allegation categories with outcomes, so the data cannot show which concerns led to enforcement or other measures.
The 333 new reports carried 886 allegations. Consumer Duty accounted for 197, followed by 153 involving leadership and senior managers' behavior, conduct and integrity. Systems and controls ranked third with 121.
Those three categories made up 53.2% of all allegations. A report can contain more than one allegation, so the counts do not represent 471 separate whistleblowers or cases.
The Consumer Duty ranking follows a July review in which the FCA identified account closures and terminated affiliate relationships as examples of firms acting on customer-outcome data.
Other Q2 categories included 73 allegations...
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